Bike Loan Approval Tips

Shopping for a bike loan can be as daunting as buying a house. On top of working out who is going to offer you the best rates and overall finance deal, it’s worth assessing how attractive your credit profile appears to a financier. Showing that you are a good risk can improve your approval chances and can definitely save you time and money. From a financier’s point of view, if you are a good risk, you will generally be offered a lower interest rate and in turn a lower set up cost to your loan.

helpful-tips

 

Tips to remember before approaching a credit provider

Before you rush into a bike loan application, put some thought into the amount of money you will need to borrow to get your dream bike.

Another consideration may be whether to apply for a new or used bike loan. It can be harder to secure a loan for an older motorbike because the financier will take into account the lower resale value from the outset.

Tips to boost your loan worthiness

Most financiers love applicants that have a track record of stable employment and have also not jumped around from residence to residence. We generally find that the clients that we help get a bike loan stand a better chance of obtaining a great approval if they can demonstrate a consistent employment and residence over a longer period of time.

Financiers think logically, if your bank account and income demonstrates the capacity to meet a new bike loan repayment, your application will be looked upon favourably.  In short, if you can show a savings track record, it greatly improves your bargaining position. Ask 4 Finance can use the abovementioned information to negotiate a great bike loan deal for you. We know what the financiers are looking for, so if you are looking for someone to take all of the legwork out of the bike loan process, talk to one of our experienced bike loan consultants for more information or apply online. We can even help you if you have had some issues with your credit file and are back on track now.

With your permission, our team can check your credit file and credit performance with previous credit providers and if there are errors sitting on your credit file, we can then ensure they are corrected before approaching the financier with your application. This way you are putting your best foot forward from the very start.

So many questions

There are so many questions that you will think of throughout the process of getting a bike loan. Are there monthly administration fees? Are there ongoing bank fees? Can I be penalised for paying my bike loan out early? Is the loan interest calculated on a daily basis? Can I make extra repayments?

Our bike loan consultants at Ask 4 Finance are experienced in handling these questions and more. Most of our bike loan consultants ride motorbikes so you can rest assured that we not only understand your bike loan features but also the bike that you are looking to buy. We can even help you get a great deal on a bike through one of the dealerships within our trusted network.

Shopping for the best deal

By discussing your bike loan with an experienced bike loan consultant at Ask 4 Finance, you are giving yourself access to the widest range of bike loan products across a large list of banks and non-bank lenders. It is like going to a take away store and being able to order from the McDonalds, Red Rooster, Hungry Jacks and KFC menu all at once. Now that’s pretty cool!

As experienced finance brokers we are going to our panel of lenders all day every day coordinating millions of dollars to be lent to our clients. This gives us awesome negotiating power! The average person may go to their bank once every three years and ask for a loan for $30,000. Who is going to get the better deal in this scenario?  Of course it is us, the people helping the lenders write millions of dollars in bike loans. The good news for you is that we at Ask 4 Finance use this negotiating power to help our clients save money.

It is a win win situation for everyone involved. You get a great bike loan set up for you with a minimum of fuss. Our lenders love our experienced bike loan consultants because they bring in business for the financier.  And lastly, we love our lenders because they are willing to take on the risk of the bike loan for us all.

Some other benefits of having Ask 4 Finance help you set up your bike loan are;

  1. You can apply online in 3 easy steps.
  2. One of our experienced bike loan consultants will help you through every step of the way.
  3. After speaking with you more about your scenario, our experienced bike loan consultant will find the best loan product for you and not just sign you up to a one style suits all bike loan.

If you really want to get the best deal on your bike loan, fill in our no obligation online application now, it will only take you a few short minutes and you will be on your way to having an experienced finance broker from Ask 4 Finance tailor a finance solution that will best suit your needs.

If you have any further questions on the topic of bike loans, please feel free to leave a comment below or visit our website.

COMMENTS (1)
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My brother would love to own a bike. I think with a loan he would soon be able to afford one. I appreciate your tips on boosting your loan worthiness. I didn’t realize that moving around a lot could be seen as negative. My brother has the consistency in employment, so hopefully that helps! Thanks for all this great information.

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